Submitted by Michael Snyder via The Economic Collapse blog,
There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books. That breaks down to about $28,000 of debt for every man, woman and child on the entire planet. And since close to half of the population of the world lives on less than 10 dollars a day, there is no way that all of this debt can ever be repaid. The only “solution” under our current system is to kick the can down the road for as long as we can until this colossal debt pyramid finally collapses in upon itself.
WNU Editor: The key question that remains unanswered is .... when will these dominoes fall and the ensuing collapse happens.
Hat Tip to Rhaegar for this lead.
4 comments:
There is no more money.
Pity the US sacrificed its economy and industry enriching the already wealthy and foreign countries.
It seems like 'everyone' is in debt. So who is this money owed to, and what obliges a country to pay? Why couldn't the US, for example, have an 'eternal' debt?
(1) There is as much money as there is productive work done
(2) If money is based on productive work plus obligations (Like nondiscretionary spending that is actuarially untenable) there will be a tipping point. It is inevitable.
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